According to Google, “Files Go picks the fastest method of sending files available on your phone, such as 5GHz Wi-Fi Direct, so you get the highest transfer speeds possible. Users have seen speeds up to 490 Mbps—that’s four times faster than before, or 100 original quality photos sent in less than five seconds.”
This isn’t all as the app has also been updated to support faster connection between devices, where Google claims that it will take five second to connect devices to each other. They also claim that it is easier to find devices to share with, and it has also been updated to be more secure with encryption and also verification to make sure that you are sending the files to the right person. The update should already be live so if you do have the app, do check it out.